empty
20.11.2024 05:19 AM
Forecast for GBP/USD on November 20, 2024

The British pound made a false break of the 1.2612 support level yesterday. While the level was tested, the price quickly rebounded and is now approaching the target resistance at 1.2708.

This image is no longer relevant

Due to this false move, the Marlin oscillator has slightly slowed its upward trajectory. Its interaction with the upper boundary of its descending channel and the neutral zero line (marked by a cyan oval), which acts as the trend divider, could dampen bullish optimism. If no unusual developments exist, the price could reverse from the target level of 1.2773, initiating a new wave of decline below 1.2612.

This image is no longer relevant

On the four-hour chart, the price reversal from the 1.2612 support level coincided with the Marlin oscillator's bounce from the zero line (indicated by the arrow). The balance line currently limits the price's advance, but with existing support, the price may overcome it and the 1.2708 resistance level. Consolidation above this level could prepare the price for a challenge of the MACD line (1.2748) and eventually the linear resistance at 1.2773. This growth is corrective in nature.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forecast for EUR/USD on February 3, 2025

On Friday, the EUR/USD pair continued its modest decline, but that now seems irrelevant. At the Monday open, the euro plummeted by over 100 points, significantly altering the technical landscape

Samir Klishi 11:54 2025-02-03 UTC+2

Forecast for GBP/USD on February 3, 2025

On the hourly chart, the GBP/USD pair continued its decline on Friday, moving towards the support zone of 1.2363–1.2370. By Monday morning, the pair had dropped below the 261.8% retracement

Samir Klishi 11:45 2025-02-03 UTC+2

Forex forecast 03/02/2025: EUR/USD, USDX, SP500, NASDAQ and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:41 2025-02-03 UTC+2

Technical Analysis of Intraday Price Movement of Crude Oil Commodity Instrument, Monday February 03, 2025.

If we look at the 4-hour chart of the Crude Oil commodity instrument, it appears that its price movement is above the EMA (21) which also has an upward slope

Arief Makmur 08:14 2025-02-03 UTC+2

Technical Analysis of Intraday Price Movement of Gold Commodity Instrument, Monday February 03, 2025.

If we look at the 4-hour chart of the Gold commodity instrument, there appears to be a Convergence between the movement of the Gold price and the Stochastic Oscillator indicator

Arief Makmur 08:14 2025-02-03 UTC+2

EUR/USD and GBP/USD - Technical Analysis of the Situation

Bearish players are currently dominant in the market. Over the past week, they have executed a daily corrective decline, reaching the medium-term trend level at 1.0356. January closed with

Evangelos Poulakis 05:57 2025-02-03 UTC+2

EUR/USD Forecast for February 3, 2025

February began tumultuously. On the 1st, U.S. President Trump imposed a 10% tariff on goods from China and a 25% tariff on goods from Mexico and Canada, excluding energy products

Laurie Bailey 03:45 2025-02-03 UTC+2

GBP/USD Forecast for February 3, 2025

Following the market crash triggered by President Trump's introduction of 25% tariffs on goods from Mexico and China, the S&P 500 futures fell by 1.7%. As a result, the British

Laurie Bailey 03:45 2025-02-03 UTC+2

USD/JPY Forecast for February 3, 2025

Trump's tariffs on Mexico and Canada have had minimal impact on the yen, which has only decreased by 51 pips against the dollar since the session opened. The yen's weakening

Laurie Bailey 03:45 2025-02-03 UTC+2

Bitcoin – Technical Analysis Overview

In January, Bitcoin reached a new all-time high, approaching the psychological level of $110,000. However, there was no significant upward momentum during the month. This stagnation, along with the detachment

Evangelos Poulakis 23:15 2025-02-02 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.